Valspar Profit Hurt By Falling Demand
Stock quotes in this article:
VAL
Paint- and coatings-maker Valspar(VAL) saw a 24% drop in second-quarter earnings, as demand waned.
During the quarter, the company earned $31.1 million, or 28 cents per share, compared with $40.8 million, or 38 cents, a year earlier. Excluding one-time costs for restructuring and other items, Valspar earned 36 cents per share, matching analysts' target. Revenue fell 20% to $668.4 million from $836.4 million. While the company does not expect industrial markets to improve over the year, they reaffirmed guidance of $1.55 to $1.65 a share, citing strong execution and operational discipline of employees.- Loading Comments...
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